CTB

Chế tạo Bơm Hải Dương ·HNX ·2026Q1

▼ Under pressure

Working capital is tied up too long in the operating cycle Working capital 142 days

Price

17,000

Latest close

28 May 2026

P/E 6.94x

P/B 1.08x

EPS 2,449

BVPS 15,795

ROE 12.3%

ROA 5.7%

Profit Margin 7.1%

Asset Turnover 0.80x

Equity Mult. 2.17x

TTM · Applied to: EPS, ROE, ROA, Net Margin, Asset Turnover, Debt/Equity

What Is Changing

On a TTM 2026Q1 basis, CTB is declining across multiple metrics versus the same period, suggesting current pressure is not coming from just one side. What remains unclear is whether the business can stabilize before this trend deepens.

	                            
	                                TTM REVENUE
	                            
	                                    VND 557bn
	                                
−20.3%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 40bn
	                                
−28.3%YoY

Metric	2025	2024	2023	2022	2021
Revenue	584.4	684.8	991.3	1,020.9	610.3
Growth	-15%	-31%	-3%	+67%	—
Net Income	38.6	47.3	50.8	49.8	25.7
Net Margin	6.61%	6.91%	5.12%	4.88%	4.22%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	56.4	265.5	90.1	145.4	83.3	453.8	98.9	63.8	68.3	330.7	353.9	208.3
Growth	-79%	+195%	-38%	+75%	-82%	+359%	+55%	-7%	-79%	-7%	+70%	—
Net Income	12.1	9.4	6.2	12.0	11.1	35.4	6.2	2.7	3.1	17.0	20.9	11.4
Net Margin	21.55%	3.53%	6.83%	8.25%	13.34%	7.79%	6.29%	4.21%	4.48%	5.15%	5.92%	5.47%

Drivers of CTB's profit

TTM

Net profit attributable to parent declined vs last year, mainly due to lower gross profit. Supporting and offsetting drivers:

Other profit ↑ 11.3bn

Selling expenses ↓ 9.0bn

Administrative expenses ↓ 4.6bn

Tax ↓ 3.8bn

Gross profit ↓ 41.2bn

Deferred tax ↑ 2.6bn

TTM

Net profit attributable to parent increased vs prior quarter, mainly helped by better other profit. Supporting and offsetting drivers:

Other profit ↑ 11.6bn

Financial income ↑ 0.3bn

Administrative expenses ↓ 0.2bn

Gross profit ↓ 9.9bn

Selling expenses ↑ 0.7bn

Tax ↑ 0.4bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 18.3% = 7.9% × 1.16 × 1.99

2026Q1 12.3% = 7.1% × 0.80 × 2.17

ROE fell from 18.3% to 12.3% — asset turnover weakened the most, though leverage still provided support.

Net margin: 7.1% -0.8pp Asset turnover: 0.80x -0.37x Leverage: 2.17x +0.18x

Is the profit sustainable?

Margins narrowed but earnings quality remains clean — pressure is mainly operational.

very positive positive stable watch under pressure

What is driving the margin?

Net margin narrowed to 7.12%, falling 0.8pp. The main pressure comes from Gross margin fell 2.0pp and SG&A / Revenue rose 0.4pp (in addition, Other profit / Revenue rose 2.0pp added support while Net financial result / Revenue fell 0.1pp remained a drag).

Margin is under pressure from multiple sides — temporary and structural components need to be separated to properly assess the risk.

Profitability trend

Net Margin 7.12% −0.8pp

Gross Margin 18.85% −2.0pp

SG&A / Revenue 11.64% +0.4pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency is declining — check whether the drag is from margins or turnover.

Is capital being deployed efficiently?

ROIC fell to 9.10%, losing 8.2pp. That translates to 9.10 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin narrowed 2.3pp and capital turnover fell 0.56x, with invested capital holding roughly steady — pressure came from both operational efficiency and asset efficiency.

Both margin and turnover weakened — this is a broad-based decline, and cyclical versus structural components need to be separated.

CAPITAL EFFICIENCY TREND

ROIC 9.10% −8.2pp

NOPAT Margin 5.62% −2.3pp

Capital Turnover 1.62x −0.56x

Average Invested Capital 344.4bn +23.5bn

Balance Sheet

ROIC declined — the balance sheet shows how capital is being deployed. Capital structure is conservative with low leverage — liabilities at 0.84x equity, net debt at 0.13x equity.

Inventory ended the period at 146.1bn, roughly 25.3% of total assets.

Over the last 12 months, working capital released 18.1bn of cash, mainly thanks to lower receivables. Pressure from higher inventories and lower payables only partly offset that benefit.

Working Capital Drivers

Receivables decreased → higher CFO: +189.7bn

Inventories increased → lower CFO: −38.4bn

Payables decreased → lower CFO: −133.1bn

Working Capital Efficiency

Cash conversion cycle lengthened by 24.4 days versus the same period last year. The main moves came from DIO rose 53.6 days, DSO rose 7.8 days, and DPO rose 37.0 days.

Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 142.2 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Receivables collection is slowing

DSO increased by +7.8 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 125.6 days +7.8 days

Inventory 140.2 days +53.6 days

Payables 123.6 days +37.0 days

Cash Conversion Cycle 142.2 days +24.4 days

Is financial risk significant?

Financial risk is low — leverage is safe, both CFO and FCF are positive.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at 0.13x and interest coverage at 11.95x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 19.6% of debt, and total debt stands at 54.0bn.

Watchpoints

Short-term refinancing pressure is meaningful

Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.

Cash buffer is thin relative to debt

Cash / debt stands at 19.6%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity 0.13x +0.13x

Interest Coverage 11.95x −16.28x

Cash / Debt 19.6% −77.6pp

Short-term Debt / Total Debt 100.0% 0.0pp

CFO / NI 1.67x −0.97x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 93.9bn in 2025, against investing cash flow of -57.6bn.

Post-investment cash flow was positive +36.2bn. Financing cash flow was negative +25.6bn.

CFO / net income was 1.67x.

After spending +40.6bn on fixed-asset investment, the business generated trailing free cash flow of +25.8bn.

Cash Conversion

CFO TTM 66.4bn −80.2bn

Cash Capex 40.6bn −0.9bn

FCF TTM +25.8bn −79.3bn

Investment Takeaway

The business is showing a few weaker signals, but the current magnitude is not yet clear enough to conclude that this is a broader weakening phase. The next item to monitor is the earnings mix, when non-core contribution is 21.0%. The main risk still sits in working capital is tied up too long in the operating cycle, with CCC extended to 142 days.

Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 1.67x. Even so, net financial result still accounts for 21.0% of PBT, so the earnings mix still needs monitoring.

Key risk: working capital remains tied up for too long, with cash cycle at 142.2 days.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	584.4	684.8	991.3	1,021.0	610.3
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	584.4	684.8	991.3	1,020.9	610.3
Cost of Goods Sold	469.4	547.3	845.4	877.3	0.0
Gross Profit	115.0	137.4	145.9	143.6	83.0
Financial Income	4.8	3.6	4.2	3.7	5.7
Financial Expenses	3.3	2.7	16.1	13.8	-13.7
Interest Expense	3.2	2.3	13.2	13.1	-13.1
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	19.5	29.4	27.8	27.1	-0.8
General and Administrative Expenses	44.9	49.0	41.3	44.9	-41.0
Operating Profit	52.1	59.9	64.9	61.4	33.2
Other Income	1.3	0.4	0.9	0.1	0.0
Other Expenses	1.8	0.6	0.2	0.1	0.0
Other Profit	-0.5	-0.2	0.7	-0.0	-0.1
Profit Before Tax	51.5	59.7	65.5	61.4	33.1
Current Income Tax Expense	11.7	13.7	14.7	12.5	-7.4
Deferred Income Tax Expense	1.1	-1.4	0.0	-0.9	0.0
Net Income	38.6	47.3	50.8	49.8	25.7
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	38.6	47.3	50.8	49.8	25.7
Earnings per Share	2,619.00	3,459.00	3,713.00	3,639.00	1,485.00
Diluted EPS	1,882.66	3,458.87	3,713.29	3,639.48	1,880.98

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	415.7	579.0	362.1	577.7	619.3
I. Cash and cash equivalents	35.0	24.4	3.6	4.7	29.9
1. Cash	28.5	24.4	3.6	4.7	0.0
2. Cash equivalents	6.5	0.0	0.0	0.0	0.0
II. Short-term financial investments	98.0	74.9	107.7	49.7	0.0
1. Available for sale securities	—	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	0.0	0.0
3. Held to maturity investments	98.0	74.9	107.7	49.7	0.0
III. Short-term receivables	135.6	356.1	161.8	286.6	159.6
1. Short-term trade accounts receivable	129.2	351.7	147.3	146.9	0.0
2. Short-term prepayments to suppliers	22.7	22.9	28.5	156.4	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other short-term receivables	9.5	7.3	6.8	4.7	0.0
7. Provision for short-term doubtful debts (*)	-25.8	-25.9	-20.8	-21.4	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	146.1	122.3	88.6	235.5	345.0
1. Inventories	146.2	122.5	88.7	235.6	0.0
2. Provision for decline in value of inventories	-0.2	-0.2	-0.2	-0.1	0.0
V. Other short-term assets	0.9	1.3	0.4	1.3	22.9
1. Short-term prepayments	0.8	1.2	0.3	1.2	0.0
2. Value added tax to be reclaimed	0.1	0.1	0.1	0.1	0.0
3. Taxes and other receivables from state authorities	0.0	0.0	0.0	0.0	0.0
4. Government bonds	—	0.0	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	162.6	130.2	220.0	303.1	108.6
I. Long-term receivables	5.4	5.4	131.1	218.2	0.0
1. Long-term trade receivables	4.9	4.9	129.5	217.8	15.3
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other long-term receivables	0.4	0.4	1.6	0.4	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	136.1	117.3	66.8	75.5	83.7
1. Tangible fixed assets	136.0	117.2	66.6	75.4	83.3
- Cost	290.6	258.6	196.8	197.1	0.0
- Accumulated depreciation	-154.6	-141.4	-130.2	-121.7	0.0
2. Financial leased fixed assets	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
3. Intangible fixed assets	0.0	0.1	0.2	0.1	0.4
- Cost	9.3	9.3	9.3	9.0	0.0
- Accumulated depreciation	-9.2	-9.2	-9.1	-8.9	0.0
III. Investment properties	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	16.3	0.1	15.5	0.6	0.1
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	16.3	0.1	15.5	0.6	0.0
V. Long-term financial investments	—	0.0	0.0	1.0	1.0
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	0.0	0.0
3. Investments in other entities	—	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	0.0	0.0	1.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	4.9	7.4	6.6	7.8	0.0
1. Long-term prepayments	3.3	4.7	5.2	6.4	0.0
2. Deferred income tax assets	1.6	2.7	1.3	1.4	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	8.5
5. Goodwill	—	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	578.3	709.2	582.1	880.8	727.9
A. LIABILITIES (300=210+330)	264.7	404.9	295.7	621.5	495.1
I. Short -term liabilities	252.9	386.7	283.8	523.9	306.2
1. Short-term trade accounts payable	67.7	207.7	178.5	229.6	115.3
2. Short-term advances from customers	70.7	66.6	28.0	71.3	79.0
3. Taxes and other payables to state authorities	8.0	12.6	16.6	9.7	0.0
4. Payable to employees	22.2	24.4	24.0	19.8	0.0
5. Short-term acrrued expenses	4.8	4.8	5.0	4.9	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	0.0	0.0	0.0	0.0
9. Other short-term payables	0.1	0.1	0.1	0.1	0.0
10. Short-term borrowings and financial leases	68.1	66.3	30.5	181.1	87.5
11. Provision for short-term liabilities	10.8	3.9	0.7	6.8	0.0
12.. Bonus and welfare fund	0.5	0.4	0.4	0.5	0.0
13. Price stabilization fund	—	0.0	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0	0.0
II. Long-term liabilities	11.8	18.2	11.8	97.6	188.9
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	0.1	0.2	0.3	95.4	184.6
3. Long-term acrrued expenses	—	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0	0.0
7. Other long-term liabilities	0.1	0.1	0.1	0.1	0.0
8. Long-term borrowings and financial leases	—	0.0	0.0	0.0	0.0
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	11.6	17.9	11.4	2.2	0.0
13. Fund for technology development	—	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	313.6	304.3	286.4	259.3	232.8
I. Owner's equity	313.6	304.3	286.4	258.2	0.0
1. Owner's capital	205.2	136.8	136.8	136.8	230.3
- Common stock with voting right	205,199,600,000.00	136,800,000,000.00	136,800,000,000.00	136,800,000,000.00	136,800,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	—	31.4	31.4	31.4	31.4
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0	0.0
5. Treasury shares	—	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	9.2	9.2	9.2	9.2	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	99.2	126.9	109.0	80.8	52.9
- Accumulated retained earning at the end of the previous period	60.6	79.6	58.2	31.0	27.2
- Undistributed earnings in this period	38.6	47.3	50.8	49.8	25.7
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.0	0.0
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	1.1	2.5
1. Subsidized not-for-profit funds	—	0.0	0.0	1.1	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	578.3	709.2	582.1	880.8	727.9

Item	2025	2024	2023	2022	2021
Profit Before Tax	51.5	59.7	65.5	61.4	33.1
Depreciation of Fixed Assets and Investment Property	13.3	11.3	9.9	10.6	10.3
Provision (Increase)/Reversal	0.5	14.8	2.5	2.1	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.0	0.1	2.6	-0.3	0.0
Gain/Loss from Investment Activities	-4.6	-3.3	-4.0	-2.6	0.0
Interest Expense	3.2	2.3	13.2	13.1	0.0
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	63.8	84.8	89.9	84.3	31.6
Increase/(Decrease) in Receivables	220.3	-74.6	213.2	-311.5	0.0
Increase/(Decrease) in Inventory	-23.8	-33.7	146.9	109.5	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-147.5	61.3	-186.7	32.2	0.0
Increase/(Decrease) in Prepaid Expenses	1.7	-0.3	2.1	4.1	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-3.1	-2.3	-13.8	-12.7	0.0
Corporate Income Tax Paid	-15.8	-8.5	-14.0	-11.3	0.0
Other Operating Receipts	—	0.0	0.0	1.1	0.0
Other Operating Payments	-1.9	-2.1	-3.2	-3.6	0.0
Net Cash Flow from Operating Activities	93.9	24.7	234.4	-107.8	25.0
Payments for Fixed Assets and Other Long-term Assets	-39.4	-49.3	-10.6	-6.0	-11.7
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.1	0.0	0.1
Loans and Purchases of Debt Instruments	-213.3	-150.0	-229.0	-94.7	-139.4
Receipts from Loan Repayments and Sale of Debt Instruments	190.2	182.8	172.0	106.9	225.9
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	4.8	4.2	3.2	3.2	0.0
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-57.6	-12.3	-64.3	9.4	81.0
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	220.7	222.5	304.7	543.0	816.9
Repayment of Borrowings	-218.8	-186.7	-455.4	-449.3	-884.4
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-27.4	-27.4	-20.5	-20.5	-20.5
Other Financing Receipts	—	0.0	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-25.6	8.4	-171.1	73.2	-88.0
Net Cash Flow During the Period	10.7	20.7	-1.1	-25.3	21.8
Cash and Cash Equivalents at Beginning of Period	24.4	3.6	4.7	29.9	11.9
FX Difference from Revaluation	0.0	0.0	0.0	0.1	-0.0
Cash and Cash Equivalents at End of Period	35.0	24.4	3.6	4.7	29.9

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	56.4	265.5	90.1	145.4	83.3	453.8	98.9	63.8	68.3	330.7	353.9	208.3
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	56.4	265.5	90.1	145.4	83.3	453.8	98.9	63.8	68.3	330.7	353.9	208.3
Cost of Goods Sold	41.6	219.9	67.6	123.2	58.6	363.0	77.9	54.0	52.4	272.4	308.1	183.7
Gross Profit	14.7	45.6	22.5	22.2	24.7	90.9	21.0	9.7	15.9	58.3	45.8	24.5
Financial Income	1.7	0.9	1.1	1.4	1.4	1.0	1.3	1.2	0.1	1.2	1.3	0.9
Financial Expenses	0.9	1.2	0.6	0.7	0.8	0.6	0.5	0.5	1.0	3.5	4.1	4.5
Interest Expense	0.9	1.2	0.6	0.7	0.7	0.6	0.5	0.5	0.6	1.5	3.5	4.4
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	4.4	7.1	4.5	4.1	3.7	17.1	4.2	4.2	4.0	12.6	7.1	3.2
General and Administrative Expenses	7.3	23.3	10.9	3.2	7.5	29.8	9.4	2.7	7.1	21.9	8.3	3.7
Operating Profit	3.8	14.9	7.6	15.5	14.0	44.4	8.2	3.5	3.8	21.5	27.5	14.0
Other Income	13.4	1.0	0.3	0.0	0.0	0.0	0.3	0.0	0.0	0.0	0.3	0.4
Other Expenses	1.8	1.5	0.0	0.4	0.0	0.1	0.5	0.0	0.0	0.1	0.0	0.0
Other Profit	11.6	-0.4	0.3	-0.4	-0.0	-0.0	-0.2	-0.0	0.0	-0.1	0.3	0.4
Profit Before Tax	15.4	14.5	7.8	15.2	14.0	44.4	7.9	3.5	3.9	21.4	27.7	14.4
Current Income Tax Expense	3.1	4.9	1.0	3.1	2.7	11.0	1.5	0.8	0.5	4.4	6.9	2.9
Deferred Income Tax Expense	0.1	0.2	0.7	0.1	0.2	-2.0	0.3	0.0	0.3	-0.1	-0.1	0.1
Net Income	12.1	9.4	6.2	12.0	11.1	35.4	6.2	2.7	3.1	17.0	20.9	11.4
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	12.1	9.4	6.2	12.0	11.1	35.4	6.2	2.7	3.1	17.0	20.9	11.4
Earnings per Share	599.00	523.00	450.00	877.00	812.00	2,584.00	455.00	196.00	224.00	1,245.00	1,530.00	833.00
Diluted EPS	583.78	456.48	450.22	877.25	811.80	2,584.12	454.75	196.15	223.85	1,244.57	1,530.08	833.31

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	465.5	415.7	574.0	548.0	621.9	579.0	445.7	404.1	254.9	362.1	434.2	529.7
I. Cash and cash equivalents	10.6	35.0	46.2	40.1	48.4	24.4	46.5	23.0	3.6	3.6	3.7	7.9
1. Cash	0.6	28.5	22.2	30.1	21.4	24.4	46.5	16.0	3.6	3.6	3.7	7.9
2. Cash equivalents	10.0	6.5	24.0	10.0	27.0	0.0	0.0	7.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	116.1	98.0	47.8	90.0	95.0	74.9	64.9	61.3	46.8	107.7	91.7	74.5
1. Available for sale securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	116.1	98.0	47.8	90.0	95.0	74.9	64.9	61.3	46.8	107.7	91.7	74.5
III. Short-term receivables	133.4	135.6	336.5	299.5	320.4	356.1	158.0	167.2	94.6	161.8	138.5	202.1
1. Short-term trade accounts receivable	116.2	129.2	248.9	212.7	257.5	351.7	107.5	128.6	91.1	147.3	112.9	109.8
2. Short-term prepayments to suppliers	32.1	22.7	106.0	104.7	80.5	22.9	59.9	46.7	17.0	28.5	40.1	106.5
3. Short-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	10.9	9.5	7.5	8.0	8.3	7.3	11.4	12.7	7.3	6.8	7.0	7.3
7. Provision for short-term doubtful debts (*)	-25.8	-25.8	-25.9	-25.9	-25.9	-25.9	-20.8	-20.8	-20.8	-20.8	-21.4	-21.4
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	192.8	146.1	142.8	117.3	154.4	122.3	168.3	146.7	108.0	88.6	197.5	242.5
1. Inventories	192.9	146.2	142.9	117.5	154.5	122.5	168.5	146.9	108.2	88.7	197.6	242.6
2. Provision for decline in value of inventories	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.1	-0.1
V. Other short-term assets	12.7	0.9	0.8	1.0	3.7	1.3	7.9	6.0	1.9	0.4	2.8	2.7
1. Short-term prepayments	2.3	0.8	0.7	0.9	1.2	1.2	0.8	0.5	0.4	0.3	0.7	0.6
2. Value added tax to be reclaimed	3.4	0.1	0.1	0.1	1.9	0.1	5.3	4.3	1.1	0.1	0.1	1.8
3. Taxes and other receivables from state authorities	0.2	0.0	0.0	0.0	0.7	0.0	1.8	1.1	0.3	0.0	2.0	0.3
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	6.8	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	179.1	162.6	131.8	130.9	131.3	130.2	99.1	190.7	195.0	220.0	209.7	320.7
I. Long-term receivables	5.4	5.4	5.4	5.4	5.4	5.4	6.5	94.9	99.9	131.1	122.2	243.1
1. Long-term trade receivables	4.9	4.9	4.9	4.9	4.9	4.9	4.9	93.4	98.3	129.5	120.7	241.5
2. Long-term prepayments to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	0.4	0.4	0.4	0.4	0.4	0.4	1.6	1.6	1.6	1.6	1.6	1.6
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	134.3	136.1	111.3	114.5	117.8	117.3	87.4	90.4	79.9	66.8	69.1	71.5
1. Tangible fixed assets	134.3	136.0	111.3	114.4	117.7	117.2	87.2	90.3	79.8	66.6	68.9	71.2
- Cost	292.9	—	—	—	—	258.6	225.7	225.7	212.3	196.8	196.7	196.7
- Accumulated depreciation	-158.6	—	—	—	—	-141.4	-138.5	-135.4	-132.6	-130.2	-127.8	-125.5
2. Financial leased fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	0.0	0.0	0.0	0.1	0.1	0.1	0.1	0.1	0.2	0.2	0.2	0.3
- Cost	9.3	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-9.3	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	17.7	16.3	10.2	4.7	1.7	0.1	0.1	0.1	9.4	15.5	14.4	1.4
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	17.7	16.3	10.2	4.7	1.7	0.1	0.1	0.1	9.4	15.5	14.4	1.4
V. Long-term financial investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Investments in other entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	21.7	4.9	4.9	6.3	6.4	7.4	5.1	5.3	5.8	6.6	4.0	4.7
1. Long-term prepayments	3.6	3.3	3.1	3.8	3.9	4.7	4.3	4.3	4.8	5.2	2.7	3.5
2. Deferred income tax assets	1.5	1.6	1.8	2.5	2.5	2.7	0.8	1.0	1.0	1.3	1.3	1.1
3. Long-term equipment, supplies, spare parts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other long-term assets	16.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	644.7	578.3	705.8	678.9	753.3	709.2	544.8	594.8	450.0	582.1	643.9	850.4
A. LIABILITIES (300=210+330)	316.1	264.7	401.6	380.8	437.9	404.9	248.5	304.8	160.5	295.7	374.4	581.4
I. Short -term liabilities	304.8	252.9	386.0	363.5	420.4	386.7	240.2	295.1	150.8	283.8	339.7	511.6
1. Short-term trade accounts payable	100.5	67.7	203.3	194.3	205.8	207.7	56.0	68.3	56.8	178.5	185.6	202.5
2. Short-term advances from customers	120.2	70.7	102.2	97.2	142.7	66.6	130.9	157.0	36.3	28.0	32.4	83.1
3. Taxes and other payables to state authorities	3.1	8.0	7.2	8.8	2.9	12.6	3.0	1.5	0.8	16.6	15.3	3.5
4. Payable to employees	9.4	22.2	3.8	3.7	9.7	24.4	3.8	3.7	11.1	24.0	3.9	3.4
5. Short-term acrrued expenses	5.6	4.8	4.2	4.3	4.4	4.8	3.7	5.6	3.5	5.0	3.9	4.3
6. Short-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	0.3	0.1	0.1	0.1	0.2	0.1	0.1	0.1	0.1	0.1	0.7	0.1
10. Short-term borrowings and financial leases	54.0	68.1	58.0	49.7	49.8	66.3	38.0	55.5	39.2	30.5	93.0	209.7
11. Provision for short-term liabilities	11.3	10.8	6.6	4.9	4.7	3.9	4.2	2.9	2.9	0.7	4.5	4.5
12.. Bonus and welfare fund	0.5	0.5	0.5	0.5	0.2	0.4	0.4	0.5	0.2	0.4	0.5	0.5
13. Price stabilization fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	11.3	11.8	15.5	17.3	17.5	18.2	8.3	9.7	9.7	11.8	34.7	69.8
1. Long-term trade payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	0.1	0.1	0.2	0.2	0.2	0.2	0.3	0.3	0.3	0.3	30.6	68.1
3. Long-term acrrued expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
8. Long-term borrowings and financial leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Convertible bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	11.1	11.6	15.2	17.0	17.2	17.9	7.9	9.3	9.3	11.4	4.0	1.7
13. Fund for technology development	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	328.5	313.6	304.2	298.1	315.4	304.3	296.3	290.1	289.5	286.4	269.5	269.0
I. Owner's equity	328.5	313.6	304.2	298.1	315.4	304.3	296.3	290.1	289.5	286.4	269.5	269.0
1. Owner's capital	208.0	205.2	136.8	136.8	136.8	136.8	136.8	136.8	136.8	136.8	136.8	136.8
- Common stock with voting right	208,000,000,000.00	205,199,600,000.00	136,800,000,000.00	136,800,000,000.00	136,800,000,000.00	136,800,000,000.00	136,800,000,000.00	136,800,000,000.00	136,800,000,000.00	136,800,000,000.00	136,800,000,000.00	136,800,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	—	—	31.4	31.4	31.4	31.4	31.4	31.4	31.4	31.4	31.4	31.4
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	9.2	9.2	9.2	9.2	9.2	9.2	9.2	9.2	9.2	9.2	9.2	9.2
9. Fund to support corporate restructuring	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	111.4	99.2	126.9	120.7	138.0	126.9	118.9	112.7	112.1	109.0	92.1	91.6
- Accumulated retained earning at the end of the previous period	99.2	60.6	97.6	97.6	126.9	79.6	107.0	107.0	109.0	58.2	58.4	78.8
- Undistributed earnings in this period	12.1	38.6	29.3	23.1	11.1	47.3	12.0	5.7	3.1	50.8	33.8	12.8
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Financial reserves	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	644.7	578.3	705.8	678.9	753.3	709.2	544.8	594.8	450.0	582.1	643.9	850.4

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Profit Before Tax	15.4	14.5	7.8	15.2	14.0	44.4	7.9	3.5	3.9	21.4	27.7	14.4
Depreciation of Fixed Assets and Investment Property	4.1	3.4	3.3	3.3	3.3	2.9	3.0	2.9	2.4	2.4	2.4	2.5
Provision (Increase)/Reversal	—	0.5	—	—	—	14.8	0.0	0.0	0.0	3.1	2.3	-2.1
FX Gain/Loss from Revaluation of Monetary Items	-0.1	0.0	0.0	-0.0	0.0	-0.1	-0.0	0.1	0.1	2.0	0.4	0.1
Gain/Loss from Investment Activities	-1.6	-0.9	-1.1	-1.3	-1.4	-0.9	-1.2	-1.1	-0.1	-1.2	-1.2	-0.9
Interest Expense	0.9	1.2	0.6	0.7	0.7	0.6	0.5	0.5	0.6	1.5	3.5	4.4
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Adjustments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	18.7	18.7	10.6	17.9	16.7	61.7	10.3	5.8	6.9	29.1	35.3	18.4
Increase/(Decrease) in Receivables	2.4	201.4	-38.1	23.9	33.1	-194.8	95.0	-70.7	95.9	-28.6	183.8	52.4
Increase/(Decrease) in Inventory	-46.7	-3.3	-25.5	37.1	-32.0	46.0	-21.6	-38.7	-19.4	108.9	45.0	4.4
Increase/(Decrease) in Payables (Excl. Interest and CIT)	72.3	-168.8	15.9	-52.6	57.9	84.6	-23.0	134.2	-134.5	-12.8	-112.0	-28.6
Increase/(Decrease) in Prepaid Expenses	-1.7	-0.3	0.9	0.3	0.8	-0.7	-0.4	0.5	0.3	-2.2	0.7	2.1
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-0.9	-1.1	-0.6	-0.7	-0.7	-0.6	-0.5	-0.4	-0.7	-1.7	-3.9	-4.5
Corporate Income Tax Paid	-6.9	-2.1	-2.7	0.0	-11.0	-2.7	-0.0	-0.0	-5.7	-9.0	0.0	-0.0
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-0.0	-0.0	-0.0	-1.7	-0.2	-0.0	-0.0	-1.8	-0.2	-0.1	-0.0	-1.8
Net Cash Flow from Operating Activities	37.1	44.5	-39.4	24.2	64.6	-6.6	59.8	28.8	-57.4	83.7	148.8	42.5
Payments for Fixed Assets and Other Long-term Assets	-6.6	-16.0	-7.2	-10.7	-5.5	-7.3	-17.1	-11.6	-13.3	-5.5	-0.7	-1.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.1
Loans and Purchases of Debt Instruments	-60.4	-73.5	-42.8	-28.0	-69.0	-43.0	-28.9	-36.0	-42.1	-41.7	-108.2	-54.2
Receipts from Loan Repayments and Sale of Debt Instruments	42.2	23.3	85.0	33.0	48.9	33.0	25.3	21.5	103.0	25.7	91.1	7.5
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.9	0.4	2.2	0.7	1.5	0.7	2.1	0.3	1.1	0.3	1.9	0.4
Increase/(Decrease) in Term Deposits	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-23.9	-65.7	37.2	-5.0	-24.1	-16.6	-18.7	-25.8	48.7	-21.3	-16.0	-47.2
Proceeds from Equity Issuance and Capital Contributions	2,800,400,000.00	—	—	—	—	0.00	0.00	0.00	0.00	0.00	-195,968,747,831.00	195,968,747,831.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	29.3	94.0	37.0	39.8	49.8	60.1	47.8	55.5	59.0	63.5	408.7	-262.6
Repayment of Borrowings	-43.4	-83.9	-28.7	-39.9	-66.3	-31.8	-65.3	-39.2	-50.3	-126.0	-329.3	66.7
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	-0.0	-27.3	—	-27.4	0.0	0.0	0.0	-0.1	-20.4	0.0
Other Financing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-11.3	10.1	8.3	-27.5	-16.5	0.9	-17.5	16.3	8.7	-62.6	-137.1	0.0
Net Cash Flow During the Period	2.0	-11.1	6.0	-8.3	24.0	-22.2	23.6	19.3	0.0	-0.1	-4.2	-4.6
Cash and Cash Equivalents at Beginning of Period	8.6	46.2	40.1	48.4	24.4	3.6	3.6	3.6	3.6	4.7	4.7	4.7
FX Difference from Revaluation	0.0	0.0	0.0	0.0	0.0	0.0	-0.0	0.0	0.0	-0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	10.6	35.0	46.2	40.1	48.4	24.4	46.5	23.0	3.6	3.6	3.7	7.9

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CTB

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